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<p>As the Chancellor said in his letter to the TSC on 4 November, HM Treasury does
not prepare formal forecasts for the UK economy, which are the responsibility of the
independent OBR. They will publish their next forecast on 25 November.</p><p>In addition,
within their statutory mandates, the Bank of England’s Monetary Policy Committee (MPC)
produce analysis which reflect their independent judgements regarding the impact of
Covid-19 on the likely path of the economy. They updated their projections in their
Monetary Policy Report published on 5 November. This reflected UK restrictions announced
up to 31 October, including “heightened England-wide measures for the period 5 November
to 2 December”. In this scenario, GDP was revised downwards and is now expected to
contract by 2% in Q4 reflecting the impact of stricter measures to control Covid-19.</p>
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